SEC steps up enforcement: Actions increase, money obtained falls in fiscal 2023
The SEC stepped up the number of enforcement actions it took in the most recent fiscal year, while the total amount of money ordered from securities laws violators dipped, according to statistics the agency’s leader released Wednesday.
The Securities and Exchange Commission filed more than 780 actions in fiscal 2023, SEC Chair Gary Gensler said in a speech at the Securities Enforcement Forum in Washington. He said that number included 500 stand-alone cases.
The agency obtained judgments and orders totaling $5 billion and returned $930 million to harmed investors, Gensler said.
The total number of SEC enforcement actions in fiscal 2023 was 20 more than it filed in fiscal 2022. But the total amount of money the agency collected from offenders fell — from $6.4 billion in fiscal 2022 to the $5 billion recorded in fiscal 23. Money ordered as a result of enforcement actions includes civil penalties, disgorgement and interest.
The $5 billion mark the SEC hit in money ordered from enforcement actions was substantially higher than the $3.9 billion obtained in fiscal 2021. The government fiscal year ended Sept. 30.
The SEC set a record for civil penalties — $4.2 billion — in fiscal 2022. It wasn’t clear from the statistics Gensler revealed what the total amount of penalties was for fiscal 2023. The agency likely will release more detailed data later.
“I think deterrence is about more than penalties and monetary relief,” Gensler told reporters on the sidelines of the conference. “It actually starts with a full telling of the facts. I think it’s about holding individuals accountable as well as firms. I think it’s about undertakings, what compliance people are committed to. I do think penalties and monetary relief … [are] an
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